Primary Petroleum Closes $17.25 Million Financing

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Primary Petroleum Corporation ("Primary" or the "Company")(TSX VENTURE:PIE)(PINK SHEETS:PETEF) is pleased to announce that it has closed its previously announced public offering of common shares of Primary for gross proceeds of $17.25 million. A total of 23,959,100 common shares of Primary were sold at a price of $0.72 per share, which includes shares issued on the exercise of a 15% over-allotment option granted to the underwriters, led by Macquarie Capital Markets Canada Ltd., and including Casimir Capital Ltd.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Primary Petroleum Corporation: Primary is a junior oil and gas company engaged in exploration and development activities in Montana and Alberta. The Company's mandate is to continue to acquire strategic land positions of merit in the Sedimentary Basin of the Western United States and Canada and seek out qualified industry partners to exploit and develop them. The Company's public filings may be found at www.sedar.com. To find out more about Primary Petroleum visit our website at www.primarypetroleum.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.